Moniepoint has discontinued MonieWorld, its UK-based remittance service, as it redirects resources toward its core African markets.
According to the announcement, the move ends Moniepoint's first venture outside Africa less than two years after it began, and comes as the company narrows its international focus to Nigeria and Kenya.
Moniepoint launched MonieWorld in April 2025 to serve the Nigerian diaspora in the UK, enabling users to send money to any Nigerian bank account via a MonieWorld account, cards, a British bank account, Apple Pay, or Google Pay. At launch, the company was targeting a share of the USD 3.69 billion UK–Nigeria remittance corridor.
The service followed the incorporation of Moniepoint GB in February 2024. According to UK regulatory filings, the group committed USD 1.6 million in setup expenditure covering administrative costs, technology infrastructure, and compliance staffing required to operate in the UK's regulated market. It also secured a USD 2.5 million equity deposit in July 2025 to acquire Bancom Europe Ltd, an electronic money institution authorised by the UK's Financial Conduct Authority (FCA). The acquisition was intended to accelerate Moniepoint's UK entry and support a route into regulated operations across the UK and the European Economic Area. Regulatory filings for 2025 show the group had earmarked USD 7.39 million for its London expansion, of which USD 1.26 million in administrative and infrastructure costs, reported as a loss, and a further USD 2.51 million equity deposit tied to the Bancom acquisition, were spent between February and December 2024.
Reasons for the wind-down
Moniepoint said demand for remittance services into Nigeria had remained stable despite the trading loss, citing a 70% increase in monthly transaction volume among UK diaspora users paying via cards, Apple Pay, and Google Pay. The company did not disclose total transaction volumes or customer numbers for MonieWorld.
Rather than continue funding the UK operation, Moniepoint said it is applying the cross-border technical, capital, and operational infrastructure built for MonieWorld to its priority markets. In Nigeria, the company processed USD 294 billion in annualised transactions in 2025. In Kenya, it acquired a 78% stake in Sumac Microfinance Bank in May 2026.
Transition and next steps
Moniepoint said MonieWorld will continue processing existing funds during the transition, with affected customers to receive communication on timelines, next steps, and support for transactions already in progress. The company did not provide a specific completion date for the wind-down.
Most MonieWorld staff are expected to be redeployed within the group. Moniepoint said role transitions and redeployment are underway, with affected employees already informed, and further organisational changes expected in the coming weeks.
The company said its broader strategy remains focused on international expansion, but with emphasis shifted toward products, infrastructure, and markets that support African businesses, rather than diaspora-facing services in Europe.
